M/s Kemwell Pvt Ltd, Bangalore V. Deputy Commissioner of Income tax, Bangalore

ITA 657/BANG/2016

• Counselvise Citation: [2017] 130 COUNSELVISE.COM (IT) 8450 (ITAT-BANGALORE)
• Duration Of Justice: 1 year(s) 1 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-03-2017
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: C
• Next Hearing Date: 28-03-2017
• Assessment Year: 2010-2011
• Appeal Filed On: 29-03-2016
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Keywords: Capital Gains
• Section: 32; 147; 131; 68; 246; 69; 145; 27; 148; 54; 37; 6; 56; 263; 63; 132; 12; 28; 144; 10; 90; 154; 2; 11; 15; 271(1)(b); 139; 92

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH : BANGALORE BEFORE SHRI SUNIL KUMAR YADAV, JUDICIAL MEMBER AND SHRI S. JAYARAMAN, ACCOUNTANT MEMBER ITA NO.657/BANG/2016 ASSESSMENT YEAR : 2010-11 M/S. KEMWELL PVT. LTD., KEMWELL HOUSE, 11, TUMKUR ROAD, BANGALORE 560 022. PAN: AAACK 5854F VS. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 11(5), BANGALORE. APPELLANT RESPONDENT APPELLANT BY : NONE RESPONDENT BY : M.K. BIJU, JCIT(ITAT)-3 (DR) DATE OF HEARING : 28.03.2017 DATE OF PRONOUNCEMENT : 31.03.2017 O R D E R PER SUNIL KUMAR YADAV, JUDICIAL MEMBER THIS APPEAL IS PREFERRED BY THE ASSESSEE AGAINS T THE ORDER OF CIT(APPEALS) INTER ALIA ON THE FOLLOWING GROUNDS:- 1. THE IMPUGNED ORDER IS BAD IN LAW. 2. THE IMPUGNED ORDER IS CONTRARY AND OPPOSED TO T HE FACTS AND CIRCUMSTANCES OF THE CASE. 3. THE FIRST APPELLATE AUTHORITY HAS ERRED IN CONFI RMING THE ASSESSMENT ORDER IN RESPECT OF DETERMINING AND TREA TING A SUM OF RS.93,80,891 AS SHORT TERM CAPITAL GAINS U/S . 50 OF THE INCOME TAX ACT. ITA NO. 657/BANG/2016 PAGE 2 OF 3 4. THE APPELLANT RESERVES ITS LIBERTY TO FILE ADDIT IONAL STATEMENT OF FACTS/GROUNDS OF APPEAL AT THE TIME OF HEARING. 2. THIS APPEAL WAS LISTED FOR HEARING ON 28.03.2017 , BUT NONE APPEARED ON BEHALF OF THE ASSESSEE, DESPITE SERVICE OF THE NOTICE OF HEARING. SINCE THE ASSESSEE DID NOT APPEAR, WE HAV E NO OPTION, BUT TO HEAR THE APPEAL EX PARTE, QUA THE ASSESSEE. ACCORDINGLY, THE REVENUE WAS HEARD. 3. WE HAVE CAREFULLY EXAMINED THE ORDER OF THE CIT( APPEALS) ON THE IMPUGNED GROUNDS AND WE FIND THAT HE HAS RIGHTLY AD JUDICATED THE ISSUES IN DETAIL AND WE FIND NO INFIRMITY THEREIN. ACCORDING LY, WE CONFIRM THE ORDER OF CIT(APPEALS). 4. IN THE RESULT, THE APPEAL OF ASSESSEE IS DISMISS ED. PRONOUNCED IN THE OPEN COURT ON THIS 31 ST DAY OF MARCH, 2017. SD/- SD/- ( S. JAYARAMAN ) (SUNIL KUMAR YA DAV ) ACCOUNTANT MEMBER JUDIC IAL MEMBER BANGALORE, DATED, THE 31 ST MARCH, 2017. / D ESAI S MURTHY / ITA NO. 657/BANG/2016 PAGE 3 OF 3 COPY TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(A) 5. DR, ITAT, BANGALORE. 6. GUARD FILE BY ORDER ASSISTANT REGISTRAR, ITAT, BANGALORE.